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John Smith has a credit card that charges 14% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle
John Smith has a credit card that charges 14% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 28 days. For 13 days his balance was $2,512.47. For 6 days the balance was $1,512.47. And for 9 days the balance was $1,842.82. Find the average daily balance. Find the amount of interest. ..... The average daily balance is $]). The amount of interest is $0 (Round to the nearest cent as needed.)
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